As the UK government continues to grapple with the fallout from the Grenfell Tower disaster, mortgage lenders are being forced to review their rules regarding the use of potentially dangerous cladding materials on buildings.
Following the Grenfell tragedy, it was discovered that many high-rise buildings across the UK were clad in materials that did not meet fire safety standards. This has led to a major shake-up of the building regulations in the UK, and has also put pressure on mortgage lenders to tighten their lending criteria for properties that may be affected.
What is Cladding?
Cladding is a material that is used to cover the exterior of a building. It is often used to improve the appearance of a building, and can also provide additional insulation. However, some types of cladding have been found to be potentially dangerous, particularly when it comes to fire safety.
The most common type of cladding that has been found to be problematic is ACM (Aluminium Composite Material) cladding. This was the material used on Grenfell Tower, and it has been found to be highly flammable.
What Are Mortgage Lenders Doing?
Many mortgage lenders have already tightened their lending criteria in the wake of the Grenfell disaster. Some lenders are now refusing to lend on properties that are clad in potentially dangerous materials, while others are requiring additional surveys and inspections before they will consider lending.
However, this has caused problems for some homeowners who are now struggling to remortgage or sell their properties. Many lenders are now facing calls to review their rules and make them more flexible, so that they can take into account individual circumstances and ensure that homeowners are not unfairly penalised.
What Can Homeowners Do?
If you own a property that is clad in potentially dangerous materials, you may be facing difficulties when it comes to remortgaging or selling your home. However, there are steps that you can take to try and overcome these issues.
Firstly, it is important to speak to your mortgage lender and find out what their rules are regarding potentially dangerous cladding. If they are refusing to lend on your property, you may need to consider switching to a different lender.
You may also want to consider having your property surveyed and inspected by a qualified professional. This can help to provide reassurance to potential buyers or lenders, and may help to improve your chances of securing a mortgage or selling your property.
The Future of Cladding Regulations
The Grenfell disaster has highlighted the need for stricter regulations when it comes to cladding materials used on buildings. The UK government has already introduced a ban on the use of combustible materials on the external walls of buildings over 18 metres tall, and this is likely to be extended to lower-rise buildings in the future.
However, there are concerns that these regulations do not go far enough, and that more needs to be done to ensure that buildings are safe. This is likely to be an ongoing issue for homeowners and mortgage lenders alike, and it is important to stay up-to-date with any changes to the regulations that may affect your property.
Conclusion
Mortgage lenders are being forced to review their rules regarding potentially dangerous cladding materials on buildings. Many lenders are already tightening their criteria, which is causing problems for homeowners who are struggling to remortgage or sell their properties. However, there are steps that homeowners can take to improve their chances of securing a mortgage or selling their property. The UK government is also introducing stricter regulations when it comes to cladding materials, but there are concerns that more needs to be done to ensure that buildings are safe.